As predicted we had another down day on the SP 500.
What we didn't get was an opening bump in order to get a better short position
Since we broke through R1 - I'm confident the target bottom of the channel / 50 DMA around 1368 will be reached
For those that don't trade the e mini futures contracts, you can either play SPY or SDS the 2x short ETF. My choice would be to short SSO the 2x Bull ETF, but no shares seem to be available.
The corresponding trade on SDS would be a Buy @ or near 14.51, with a stop loss at 14.30 and a target price around 15.41
That trade would represent 6.2% gain with 1.4% risk